Purchasing life insurance on children is a tough subject but, nonetheless, a very important one. Two main reasons parents or grandparents should strongly consider this are to protect the insurability of a child and the reality that death does not discriminate based on age.
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Tough But Essential
Protecting the insurability of a child is extremely important. Children are not immune from getting dreaded diseases such as cancer, diabetes, high blood pressure, asthma, immune deficiencies and the list goes on. All of these can affect the opportunity to qualify for life insurance. By purchasing life insurance with guaranteed insurability options, the initial policy provides the opportunity for the child to get additional policies at other attained ages throughout their life regardless of their health. Once the child qualifies for the first policy, the requirements are satisfied for future policies. The only decision left is to purchase additional policies at future ages. A solid life insurance program is such a wonderful gift to be able to present to children or grandchildren when they move out and start their own lives.
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I truly wish the second reason for juvenile life insurance would never happen, but sadly, it is reality. Death resulting from automobile and ATV accidents, drownings, and illnesses affect essentially all age brackets. We hear of these types of occurrences on a daily or weekly basis.
Death itself is a tragedy but adding a financial burden to an already stressful and grief-stricken situation takes it to a higher level. Money does not replace a life, but it can allow loved ones to grieve without a financial burden.
We might be able to qualify for life insurance today, but all that could change tomorrow. Now might be a good time to meet with your local Farm Bureau agent to evaluate your life insurance program and look at starting a solid plan for your children or grandchildren.
About the author: Allan Williams is director of training and marketing for the North Carolina Farm Bureau Mutual Insurance Company, Inc.
